Home updates don’t have to be huge to increase your home value. Schedule these projects in for some amazing upgrades and maximize your ROI today.
Landscaping Is Super Important
It’s literally the first impression your home makes. And it’s important to start and maintain your landscape as soon as you can.
Most homeowners spend around $1,766 to $3,227 for landscaping, and they make a good chunk of that cash back.
In fact, John Harris, a landscape economist, says that landscaping that beautifies a home can contribute up to 28% of your home’s value overall. That’s a huge amount for one part of your home!
Even a small increase from a “meh” yard to a “beautiful” yard increases your home value up to 6-7%.
Simply keeping your lawn mowed and green, flower beds weeded, and dirt fluffed can go a long way in creating a beautiful yard.
Realtor.com suggests that, to get the best landscaping ROI, homeowners should do these things:
- plant a lot of trees
- create an outdoor gathering place (like a fire-pit area with seating)
- try xeriscaping (use less water and gain a low-maintenance yard)
- plant plenty of perennials (flowers that come back every year) and
- plant different kinds of bushes/plants (think colorful and interesting).
Exterior Home Improvements
Exterior home improvements usually have good ROI because they lend so much to curb appeal. They look good and they make your home immediately desirable.
And when it comes to resale value, curb appeal may be the biggest factor.
A new front door, shutters, or an upgraded porch can help increase your home’s value by quite a bit. Even simply repairing some of the siding or equipment that has been damaged over the years helps.
Need to replace vinyl siding? 1,250 sq. ft. of it comes in at around $7,239 with a ROI of 95.5%. And fiber-cement costs $10,393 with an ROI of 103.6%. And painting your exterior is probably the cheapest, but a fresh coat of paint goes a long way when it comes to curb appeal!
And a lot of homeowners forget about outdoor lighting, but your potential buyers or envious neighbors won’t. Installing some solar sidewalk lights, motion-sensor flood-lights, and/or aesthetic porch lights also increase your curb appeal.
Small (Or Total) Bathroom Remodeling
Re-caulking isn’t hard at all! Bathroom remodels have some of the highest ROI in home improvement.
Remodeling a bathroom ( tub, floor, baseboards, toilet, sink, fixtures…the whole caboodle) costs between $9,500 – $11,000. Which may make you balk.
However! The usual ROI on this upgrade is between 60 – 102% (depending on where you live and how much that remodel updated your home).
And you don’t even have to go that big. Bathroom remodeling is actually the best thing you can do to increase your home’s resale value. Even if it’s just replacing fixtures or refinishing the floor.
Data shows that your home’s resale value will increase by $1.71 for every $1 spent. That’s a good increase!
Minor Kitchen Remodel/Upgrade
Sometimes a good kitchen remodel may be necessary, but don’t jump into it without researching the market. In fact, full kitchen remodels can have very low ROI rates.
Generally, it’s better to stick with minor updates or repairs. You could update your cabinets, refinish your floor, or switch up hardware.
Kitchen remodels have an ROI of 80-98% depending on your home and what you’re doing.
Remodel/Build Up Your Basement Or Attic
The ROI on a basement (70-75%) isn’t as good because basements are relatively affordable to do.
But if you’re living in your home for a while yet, it may be completely worth it to you to finish your basement or even remodel.
Here is a list of popular/desired basement features to keep in mind:
- Home Theater: You really don’t even have to go to the movies anymore if you have the right equipment. It can be a lot more comfortable and people love it.
- Sports Bar/Adults Only Area: Many homeowners are looking for/enjoying this feature. Who wouldn’t want a kid-free area to host friends now and then?
- Home Gym: Many people want to work out in their own home rather than joining a smelly gym.
- Play Room: Instead of an adults only area, try a kid’s play place. It gets the toys and roughhousing out of other places in the home.
- Guest Bedroom: Now you always have room for family/friends coming from out of town every now and then.
- In-Law Suite: Many homeowners/buyers are looking for potential space for current or future parents/in-laws to stay with them. This idea is even better if the basement has it’s own home layout and a walk-out as well. Some places have laws against having a second kitchen in your home, so be sure to check up on that before you build.
The average recoup on an attic bedroom is anywhere between 80-105%
Make sure to add insulation to control your utility bills and keep moisture from gathering. You’ll also want to see that you HVAC system can handle another room up there. Whereas, your basement was already considered so you know it can handle that.
Replacement/Energy-Efficient Window Upgrade
This upgrade could return anywhere between 60-100%. It all depends on where you live.
If a replacement window is necessary, then you might benefit from an upgrade. But if you’re looking to sell, windows may not be the thing you want to focus on.
Research your area to see if a window upgrade could increase your home value.
In high window ROI areas, they can make all the difference in saving energy and making your home desirable.
And even if you live in a lower window ROI area, and you’re not planning on moving anytime soon, energy-efficient windows could be a great energy-saving investment for you.
Even if you didn’t make all your money back at resell later, you’ll save quite a lot of money in energy over the years.
Solar energy has an excellent ROI, but some areas are higher than others.
Solar energy is an excellent investment on a home. Solar power generates annual returns even after your solar payback period. And the average solar payoff period is around 6-9 years.
Solar probably has one of the best ROI, as it keeps on giving through its 25 plus years of life.
Homes with solar energy have a premium that potential buyers are happy to pay for because of all the benefits and savings that solar provides. Not only does solar add to your curb appeal, but it adds to a better-living appeal that other homeowners get excited about.
And even if you’re not selling, you can take advantage of all those savings through the years you’re living in your home.